How to Make a Business Plan

by FamilyEducation Staff

This business plan is brought to you in association with Aspira.org

Develop and nurture your child's leadership and entrepreneurial abilities by helping her write a business plan for her first enterprise. Below you'll find an outline to get you started.

I. Description of Business

A. Business name and short history
B. Describe your product and/or service
C. Location of business (is it store-front or home-based?)
D. Why is this a good location?

II. Market Analysis and Competition

A.The Industry

1. Description of the overall market or industry
2. Is this industry in general doing well?
3. Why is it a good industry to get into?

1. Describe your typical customer in detail.
2. Name personal characteristics if your customers are individuals.
3. How many potential customers do you plan to service?
4. How do you plan to approach them?

1. Who are your major competitors? (list them)
2. Compare yourself with your competition.
   a. Describe the advantages you have over your competitors.
   b. Describe your disadvantages and what you will do about them?

III. Market Strategy

A. Sales strategy

1. How will you get people to buy your product/service?

1. How much will you sell this product/service for?
2. How do you set your prices?

C. Inventory

1. How do you plan to maintain an adequate inventory of sales goods?

A. Employees

1. How many employees do you need and why?
2. What is each employee's job (including your own)?
3. How will you find prospective employees?
4. How will you pay employees? (hourly, salary, commission, etc.)
5. How much will you pay employees?

B. Management (include resumes of owner and other key employees)

1. Describe owner's management and industry experience.